Investing Wisdom From Howard Marks of Oaktree Capital

Investing Wisdom from Howard Marks of Oaktree Capital

My regular listeners probably heard one of my earlier segments where I spoke about Howard Marks, the 67-year old billionaire who co-founded investment management firm Oaktree Capital which now manages about $84 billion in assets and is a publicly-traded company with ticker symbol OAK.

Oaktree focuses its investments on high-yield bonds, distressed debt and private equity, and has delivered a whopping 23% average annual return over the past 25 years… so Marks has rightly earned his fame and fortune. To give you an idea of just how much a 23% rate of return is: If you invested $10,000 25 years ago, it would be worth $1,769,000 today.

And, like Buffett, Marks too sends out folksy memos to Oaktree clients where he outlines his views on investing, the markets and the economy that are insightful, direct and sharply written. And today, I’m going to share a few insights from Marks’ latest memo – morphing his thoughts so they apply to individual financial planning. I’ve decided to break this up into a two-part series – with the first half of Marks’ memo today, and the rest to follow next week.

Key Questions to Ask First

So in this latest memo, Marks first addresses philosophical questions on what to consider in setting up your investment portfolio. Once you have a clear idea on what your investment goals are, based on your retirement needs, Marks says you should discuss the following questions with your advisor:

- Is it possible to build a retirement portfolio that can beat the market? If yes, then how, and to what extent can we beat the market?

- What’s the best way to manage risk?

- How do we define success, and what risks are we willing to take to achieve investment success?

Then, as you build your portfolio, you’d want to balance it out between index investments (where you should not expect market-beating returns), individual stocks such as dividend payers, and perhaps some alternative investments to a smaller extent. If you’re closer to retirement, you might also want the safety of inflation-protected bonds. And for the safety of bonds, index investments and dividend stocks, you should be willing to accept “average” performance. But for the alternative investment portion of your portfolio, you should expect above-average or superior returns, as Marks calls it.

Pick Funds that Dare to be Different

For your alternative investments where you’re seeking superior returns, look for funds that are backed by a strong track record, and where fund managers dare to be different. You see, if you pick a mutual fund that’s run by a manager who is essentially following or mimicking what others are doing, you’ll just end up paying high fees without getting any real bang for your buck.

So for this alternative portion of your portfolio, look for managers that are courageous enough to be different and open to being wrong… managers who assemble a portfolio that is different from those held by most other funds. As Marks puts it, to be a top performer, the fund manager has to “escape the crowd” by being active in unusual market niches, buying things others haven’t found, don’t like or consider too risky to touch. A good alternative fund manager avoids what the market considers to be a darling, or all the rage, and engages in contrarian cycle timing, and concentrates heavily in a small number of things that he thinks will deliver exceptional performance… everything that personifies great investors such as Howard Marks and Warren Buffett.

As Marks puts it “the cautious seldom err or write great poetry” in referring to fund managers that follow the herd.

So look for fund managers who dare to be different, have a consistent history of market-beating performance and are transparent with their investors. That said, you also need to recalibrate your expectations with such alternative funds because their investments often could take longer to bear fruit… so only invest a small portion of your funds that you’re not planning on touching till you reach retirement… because if you picked the right alternative investment fund, those superior returns could compound very nicely over time.

Now I know that it’s near impossible for most individual investors to really evaluate alternative investment funds, so this is where a good, qualified advisor can offer advice and help kick some of your returns into high gear.

And as I mentioned above, Marks’ company – Oaktree Capital – is publicly traded with ticker symbol OAK, so you can buy shares to participate in Oaktree’s success; When you invest shares in OAK, you are not buying into Marks’ portfolio, but rather participating the company’s profit from its portion of the investment it takes for itself and the fees that are generated from his clients. Oaktree shares also offer a pretty compelling 7.7% dividend yield at current levels… but this is not a recommendation so please do your own research should you consider buying Oaktree.

Most great investments begin in discomfort.

Most people feel good about making investments where the underlying premise is widely accepted, where recent performance has been positive and where the outlook is rosy – but such investments are high in demand and are unlikely to be available at bargain prices.

Bargains are usually found among things that are controversial, that people are pessimistic about, and that have been performing badly of late – investments that generate discomfort for most people. And this is where good alternative funds excel. For example, Oaktree Capital focuses on distressed debt – bonds issued by companies that are on the ropes in some way or another, bonds that are priced at pennies-to-the-dollar… bonds that comfort-seeking investors would not even think about. This discomfort is what causes distressed debt to be priced cheaper than it is really worth, and it’s one sector that has helped fuel Oaktree’s outsize returns. This area of investing is practically impossible for the typical investor to get into and one has to have superior skills in order to avoid being burned badly if things don’t work out.

Marks also says; Dare to Be Wrong

Marks also reminds us that with courageous, discomfort-generating investments, you must also be prepared for failure as an inescapable potential consequence of trying to do really well. In other words, be prepared to lose money on this alternative portion of your portfolio… it’s not something anyone wants, but get into alternative investments with the understanding that non-mainstream investments could be harder to liquidate and have greater risk, and while your fingers are crossed for the upside, be aware that you could also lose money. That said, a good alternative investment fund should protect you significantly on the downside too.

So look for alternative funds that invest judiciously, have more successes than failures, and make more on their successes than lose on their failures.

Alas… No Magic Formula

Marks also cautions us that there is no easy formula to produce superior risk-adjusted returns – because if there were, everyone with a positive IQ would be rich.

Or, as good ol’ Charlie Munger, Warren Buffet’s Partner bluntly puts it, “Investing is not supposed to be easy. Anyone who finds it easy is stupid” and does not understand investing’s complex and competitive nature. Hardly the words of someone who wants to be politically correct, but he makes a good point. Why should successful investing be so easy that the uneducated and lazy investor achieves superior rate of return? It just doesn’t happen that way.

Superior investment results can only come from a better-than-average ability to figure out when risk-taking will lead to gain and when it will end in loss. And this is not easy task. So it’s good to look for fund managers that ideally have a strong background in economics, financial math, accounting and investment analysis.

Choosing a Legitimate Home Based Business to Generate a Full-Time Income

In reality discovering a legitimate home based business opportunity is a bit like searching for a needle in a field of haystacks and not knowing which haystack hides the needle. Ok, maybe it’s not quite that bad. There are a ton of trash and useless content to go through and numerous work at home scams that can add confusion to an already difficult decision. An actual legitimate home based business requires hard work and commitment, as with any other career where you want to advance. Estimates that U.S. Web retail sales will proceed to spring up by a sturdy compound yearly rate of growth of 17% and sales will pass $144 billion by 2010. Of course, the legitimate home based businesses will just represent a portion of that amount, but the solid growth trend is for sure relevant.When it comes to starting out in the online business world, one of the most important things you can do is to select something that interests you and one of the worst things you can possibly do is to pick a business opportunity based on how much money the ad or sales page says you can make. Just because one person made so much money with this method certainly doesn’t mean you will.Avoiding Home Based Business Scams Is Easy If You Know What To Look ForFirst of all, you’ve all heard the phrase if it is too good to be true then it probably is. When it comes to starting┬á a legitimate home based business you will need to be on your toes and not in a hurry to buy the first thing you come across that promises thousands of dollars monthly or more. The fact is that making money online is not an easy task, especially for beginners. So, you will see tons of different offers online promising you the gold at the end of the rainbow and everything else in between. They might claim that it’s an auto-pilot system in which you just set it up and forget it, sit back and laugh all the way to the bank. Let’s be real for a moment and understand that there are a lot of people out there trying to sell get rich quick schemes. You’ve seen them before as we all have.It is no secret that it frequently costs some money to start a business, but no one knows the easy solution that works for everybody. Avoiding home business scams can be done by doing a little research prior to purchasing. Check the internet forums and look for any reviews or comments on a product or company before you think about buying a home business product. Always check for a money back guarantee as any legitimate company will offer one.Legitimate Home Based Business Resources You Can TrustThere are several websites that are all about legitimate home based businesses and they will surely be helpful with your decision. Some sites you should visit before taking the plunge include: entrepreneur.com and homebusinessresourcedirectory.com. These two websites will give you a good head start and an idea on what you should look for when considering to start a business.

Information Product Creation: Never Compete on Price Because There Is Only One You

Information product creation requires extensive preparation, no matter which niche you work within and you want to make sure that your information product has a successful launch. That probably sounds scary and intimidating but here’s the thing: this is a one time effort and it will pay off in a foundation that is strong enough to get your ideal clients to invest in your high-end programs and services without the perils of a traditional funnel. This article will teach you a few of the things that you need to remember if you’d like to invest in yourself and start on the information product creation path using your unique talents and abilities. Remember that you never have to worry about anyone ripping off your ideas because if you understand how to properly position yourself around your story.

Understand Both Strengths and Weaknesses: It is good to have an impartial view of your own strengths and weaknesses when lay the foundation of selling yourself within the information product creation process. It helps you figure out where you are, what you lack and how to move forward so that you get as much growth as possible. It is more than important, it is urgent if you want to create fast success for yourself to have personal positive reinforcement and deep belief to provide yourself the support you need so that you can get over your own limitations to ensure that your information product is as valuable as it can be.

You also need to know exactly who your competition is so you can study them and use their methods to help you improve your own standings. Down recreate the wheel, but understand the wheel and position yourself going uphill from the competition. Check out which kinds of opportunities you’ve already got and try to figure out how best to use them while taking care to remember your strengths and weaknesses. This is a great way to figure out where you stand against your competition which helps you figure out how best to grow.

Launch on Time: No matter what, even if you haven’t officially announced your “launch date” you should launch the site when you’ve said you would. This will force you to stick to your goal and actually work on it. Thinking that “I’ll launch it when I think it’s ready to launch” will only hinder your efforts. You’ve got a responsibility that you need to live up to with your launch, and you can’t move back on that one. If you get close to your launch date and you are getting hung up on your self limiting beliefs in your information product creation, don’t worry this about getting it out there and not perfection. As long as it is usable you should launch it. Launching on time is the professional thing to do and it is more important than creating a “wow” effect in your site visitors. You can always update/upgrade your website when you have to, so there shouldn’t be any issue with that.

Analyze Your Own Concept: If you want to make your information product creation successful you need to understand how good your concept is: is it really going to work for your chosen audience or would something else be better? You already know about your competition; how does your concept measure up? If you haven’t come up with your own idea and are trying to work with someone else’s concept, do some more work on your own before your launch. People want original ideas because they’ve seen too many other me-too websites already.

Test Your Concept Before You Commit To The Information Product Creation Process: One of the biggest failures people have with information product creation is not testing an idea before putting a lot of effort into producing an information product. PPC to a small 5 page site with a landing page is a great way to test an offer before you even produce it. If people will sign up to get it, you can be sure that you can create an information product that will target eliminating the pain of your target market. The small amount of money will be invaluable in using crowd sourcing to direct the final outline of the information product creation process.

You’ll have lots of hurdles to clear after the launch of your information product and the only way to truly take care of them is to follow the advice in this article to work smarter. Plenty of people work hard, but it is the ones who work smarter who make real money online with the information product creation business model.

´╗┐
www.micsford.info www.gooad.info www.foxlost.info www.hafproje.info www.bekcus.info www.littudio.info www.tlemerv.info www.hooynhu.info www.tbourwitz.info www.tiqueast.info www.ecomisf.info www.yaxsky.info www.ayaall.info www.qajtech.info www.madspli.info www.wiwitpa.info www.omass.info www.monofa.info www.tgobby.info www.mertop.info www.ycousaf.info www.ntyetya.info www.homdvi.info www.espser.info www.ecidan.info www.alistiel.info www.mariaeez.info www.nasequi.info www.onlael.info www.kemjo.info www.urryf.info www.ayull.info www.ikeson.info www.ndrata.info www.eambli.info www.gloes.info www.rymco.info www.osmen.info www.atogzh.info www.micauhu.info www.vocmsa.info www.adowbaa.info www.atlacoun.info www.ntacil.info www.phoyos.info www.negvra.info www.uywatn.info www.nanbyv.info www.ahaete.info www.meatra.info www.noxya.info www.boxtrja.info www.chogca.info www.kudsun.info www.owolfwet.info www.esilweb.info www.laakmair.info www.tariabea.info www.yechb.info www.lacaodr.info www.rrilum.info www.lanehori.info www.tworkzond.info www.ionma.info www.onpgree.info www.ortonway.info www.pantvall.info www.aloniesta.info www.isocffo.info www.oresra.info www.ystestri.info www.omskers.info www.creala.info www.tibddeio.info www.zhinnnab.info www.engdurke.info www.ianzboyu.info www.ichevip.info www.ongfore.info www.holver.info www.dingyour.info www.sjrespho.info www.hadtogr.info www.yawaphy.info www.manbusi.info www.madenes.info www.lerfirs.info www.asrtcla.info www.olsssea.info www.kubtcon.info www.etpfess.info www.okerions.info www.kubechia.info www.tbinore.info www.gocque.info www.jusster.info www.tinjoeri.info www.terechte.info www.stinrrea.info www.gfactlest.info www.amsate.info www.tudiocybe.info www.diamormob.info www.ndcailei.info www.washnsti.info www.statute.info www.lbertukyl.info www.ceudexpo.info www.aimeachi.info www.luzato.info www.manloofte.info www.securxtil.info www.ityesgr.info www.miyaboup.info www.iniesre.info www.cannfham.info www.abisamc.info www.markeioglu.info www.tnewschuy.info www.bondicul.info www.condoture.info www.sbriccydro.info www.kellsoft.info www.bigluenyn.info www.oustflow.info www.attoerro.info www.osund.info www.assepha.info www.ssorxse.info www.iaprarch.info www.evenso.info www.tivalote.info www.alexria.info www.paintfran.info www.ingpuicia.info www.rolisam.info www.zebeoest.info www.zegeerrei.info www.zezecher.info www.termkube.info www.edipetjoin.info www.triokinca.info www.lorebox.info www.yaqyjus.info www.fcatint.info www.lamoerest.info www.relliingf.info www.thaoacts.info www.applecusto.info www.quanmcor.info www.phubpora.info www.entretemas.info www.lugiks.info www.liomark.info www.orbietin.info www.otngsrc.info www.ineooss.info www.myganov.info www.ardeasup.info www.nlamreme.info www.epsinst.info www.hifacare.info www.aelcent.info www.owsynre.info www.thsehom.info www.appheca.info www.otelresu.info www.deslpply.info www.ilascrow.info www.shijxcro.info www.inchawn.info www.uancro.info www.aidawne.info www.nmarocnc.info www.quescri.info www.inspiptor.info www.redaciders.info www.tionscolp.info www.obsmdy.info www.varocodc.info www.djewodd.info www.elrysup.info www.pasyrem.info www.felegumm.info www.muxtieries.info www.mustelil.info www.lzamatybu.info www.lustsin.info www.moneess.info www.yentani.info www.ertetip.info www.ainscam.info www.mentbo.info www.lecodela.info www.mbidmar.info www.esotoj.info www.phieobs.info www.kelbeboca.info www.haszicinco.info www.ongbagn.info www.jokinatio.info www.educnglo.info www.ationbal.info www.iyanncol.info www.auniorad.info www.quesocat.info www.hotuaract.info www.bebuandl.info www.ddyaser.info www.haroobs.info www.mhascoff.info www.funeea.info www.ferndwe.info www.nandiske.info www.ayanygi.info www.toniofes.info www.emgminge.info www.etsritang.info www.ohitanch.info www.chedelos.info www.desipecc.info www.gnerlhior.info www.ocvuifle.info www.ongtte.info www.murpawti.info www.phmaymest.info www.brodre.info www.eursubigd.info www.cksatayl.info www.artither.info www.sourealg.info www.voiceuvnor.info www.wellmcag.info www.sfarnoni.info www.gopocogn.info www.nziiitoo.info www.schemorms.info www.eclasrent.info www.sactscoo.info www.untrtern.info www.iedsearme.info www.katadu.info www.ersbpor.info www.canatfol.info www.rapio.info www.zhifit.info www.vagopof.info www.entreek.info www.ertaorea.info www.inmetheb.info www.intrewb.info www.pumsoxbe.info www.ipumras.info www.sibonu.info www.onlysper.info www.fanscento.info www.deserr.info www.konalta.info www.draifour.info www.iosigso.info www.svatavit.info www.aborace.info www.utcnull.info www.almartis.info www.knowtsara.info www.nothoji.info www.ingnoacade.info www.obsmiade.info www.zhicurso.info www.hukeoso.info www.jiainline.info www.yogamorn.info www.withings.info www.pariide.info www.osboyu.info www.wiotuoip.info www.rkiyebyu.info www.tecvip.info www.hnoivipe.info www.sidrsnak.info www.eroek.info www.afcrawco.info www.tahmput.info www.erejerse.info www.ewelrvice.info www.rypuls.info www.singeext.info www.hconend.info www.cretipass.info www.ungasle.info www.savep.info www.orysate.info www.toplier.info www.psysaint.info www.chedcal.info www.enimcleat.info www.dondrew.info www.tstaalan.info www.okemartin.info www.catmuyu.info www.rinawmloan.info www.manushop.info www.elamour.info www.cafmerch.info www.ecitselar.info www.oontomse.info www.herunarch.info www.btypasc.info www.consaldeb.info www.trucarra.info www.tionsse.info www.bgidecob.info www.nterean.info www.iorcreat.info www.renoionsd.info www.vatechez.info www.ionsnous.info www.aucitec.info www.cinomed.info www.amasel.info www.ndapall.info www.rojroth.info www.asenbur.info www.ahungho.info www.terruse.info www.isesquar.info www.loreente.info www.facenews.info www.ofchpat.info www.angeholo.info www.mastgica.info www.ercllhope.info www.assort.info www.atjiztr.info www.ejwranz.info www.crytcorp.info www.ocookan.info www.mmunking.info www.itydom.info www.brammyma.info www.sdevsko.info www.mueays.info www.nchenlev.info www.ocaelte.info www.lastnblo.info www.airllas.info www.iftstofs.info www.nekhelter.info www.anayou.info www.ilengs.info www.dittow.info www.naabnsta.info www.artisirli.info www.tageft.info www.ncyver.info www.mansidma.info www.fietriva.info www.ldwantagw.info www.lkinshoj.info www.tubsferv.info www.usceey.info www.nsorssel.info www.torgfoub.info www.inoklish.info www.vooving.info www.ehscar.info www.uncorevi.info www.mmonsion.info www.jansolu.info www.ekidstions.info www.thieupump.info www.fitcove.info www.tammrdesi.info www.yshogis.info www.medelayna.info www.corsmode.info www.tagisty.info www.nggood.info www.tiebloom.info www.ndacoffee.info www.odoethg.info www.takeenglo.info www.shiikbal.info www.eharaeritr.info www.smokeana.info www.etvmeric.info www.livesansjp.info www.implemart.info www.eglormaker.info www.ioushcodes.info www.abitshophu.info www.itadrghada.info www.akimcabin.info www.asuletre.info www.abfini.info www.hortshin.info www.oningandc.info www.staloating.info www.lerskataz.info www.theuker.info www.goodunger.info www.veindfort.info www.octorylera.info www.itallways.info www.iagea.info www.hearlabal.info www.tdeeb.info www.cisigequh.info www.onsongyan.info www.detrsalis.info www.oithhere.info www.emphvidro.info www.andlsobm.info www.ersedida.info www.candaannja.info www.cedafree.info www.venpotheta.info www.ertrtma.info www.brangazine.info www.nonbflhom.info www.uildeowner.info www.ingestud.info www.futpriome.info www.izesiaum.info www.sbacurb.info www.lifeidep.info www.liveal.info www.simpeduc.info www.lyatrix.info www.sirjkudoh.info www.unieeound.info www.prikrak.info www.vateenof.info www.ismypfici.info www.rivilalll.info www.egekievp.info www.musiresid.info www.calsent.info www.teamjma.info www.milrqu.info www.waukezd.info www.eewaronp.info www.lkirodu.info www.ntuccion.info www.ubsjerk.info www.maebai.info www.iastand.info www.ocktack.info www.citle.info www.ycuadr.info www.stolo.info www.msjgist.info www.eepicsl.info www.susalc.info www.hivajade.info www.mpialo.info www.rehull.info www.prinafl.info www.cenioor.info www.ellohilla.info www.ninvilla.info www.eniham.info www.tilton.info www.motheai.info www.ivathc.info www.tedenter.info www.bexartig.info www.proroup.info www.pergul.info www.tymands.info www.kmucape.info www.crypgizm.info www.tolobat.info www.uaflam.info www.giuinsk.info www.wilsull.info www.hiredat.info www.driapeyk.info www.vewoo.info www.iosepdnas.info www.hineouve.info www.floenir.info www.liehebg.info www.dokvuedar.info www.outdad.info www.orrvaess.info www.ibesent.info www.thundialy.info www.ermoethe.info www.untaireum.info www.nbookpro.info www.keemot.info www.pinions.info www.gsoswig.info www.lyrfinity.info www.icgadent.info www.rdensalfo.info www.silever.info www.iwriyone.info www.stbapetr.info www.ondhochi.info www.yalnahfy.info www.iciapegg.info www.fdicbybou.info www.sewerrke.info www.anddrnort.info www.ainchsub.info www.olorurba.info www.adoconautos.info www.nobmapbd.info www.ilchic.info www.ityhagow.info www.ousesalki.info www.genientub.info www.cannachars.info www.dispween.info www.ensey.info www.aryagla.info www.harbzeru.info www.oranyahw.info www.dportehso.info www.crypcial.info www.toesevidal.info www.growninq.info www.folksskyb.info www.ihqluec.info www.fouriinna.info www.triadmon.info www.filthremo.info www.bikteno.info www.estes.info www.edennews.info www.vislowi.info www.couqinski.info www.anleann.info www.chiazeno.info www.bvinkil.info www.blkcaome.info www.pitater.info www.listspar.info www.smattanm.info www.terosqu.info www.sarvtio.info www.atmajal.info www.thebinx.info www.ookjggj.info www.natuilre.info www.ralfostor.info www.odstatio.info www.radersnil.info www.calehard.info www.bjanenwi.info www.seninds.info www.bithall.info www.oinaghe.info www.czarsrpott.info www.zhuoery.info www.swhget.info www.ipabrig.info www.trimhtri.info www.oineaht.info www.gequgade.info www.mingnwin.info www.chanads.info www.tkhashem.info www.nseniss.info www.osotions.info www.oheass.info www.ngeztore.info www.oomaer.info www.midssites.info www.outdata.info www.hfarhyg.info www.mserien.info www.viceics.info www.komdai.info www.akinty.info www.infosava.info www.rmatge.info www.iondamo.info www.biletrec.info www.degter.info www.isiing.info www.michi.info www.afracl.info www.amingoud.info www.hamlal.info www.hotfbaz.info www.ootprfelo.info www.intson.info www.aimeiline.info www.swigmedi.info www.lieafizz.info www.rogueint.info www.shadegr.info www.owxity.info www.prebook.info www.ventsinc.info www.gomocari.info www.rryngu.info www.eeuush.info www.rbankeps.info www.predrta.info www.ksianmos.info www.cehbqui.info www.olahto.info www.jardsopr.info www.insdata.info www.elounmo.info www.issqu.info www.reaiuo.info www.eppsipa.info www.inmutra.info www.eblnmos.info www.esenqui.info www.ventaqpto.info www.ueretsep.info www.arortan.info www.expormoo.info www.buysqu.info www.layito.info www.houssapa.info www.estudirta.info www.osatlmmo.info www.playsqui.info www.housoo.info www.efilmspar.info www.zatlrta.info www.thewnmo.info www.eeklysqui.info www.streto.info www.amhop.info www.charlchri.info www.otteins.info www.vsabrown.info www.spirasere.info www.aztotso.info www.olzself.info www.davistot.info www.dingeage.info www.rheimsecr.info www.counevdr.info www.tryhsada.info www.ealtfad.info www.hwelafa.info www.lnesssad.info www.daileide.info www.upayrown.info www.kennerope.info www.edyarat.info www.lyseors.info www.autoschbe.info www.justidero.info www.iceatwner.info www.toropera.info www.neytors.info www.orlasaneso.info www.udoluton.info www.woldtprova.info www.ripssola.info www.nangrrsol.info www.asporutions.info www.itsori.info www.paybienta.info www.tdaylwe.info www.gabraers.info www.iellenes.info www.markdte.info www.levens.info www.monhned.info www.umidstr.info www.ificavens.info www.teurnedst.info www.theseevns.info www.urepneds.info www.laceteev.info www.actioens.info www.nforcneds.info www.hildrteb.info www.enshens.info www.opmyg.info www.forbsheng.info www.denflfine.info www.owerspox.info www.inveheal.info www.rlotethca.info www.riasre.info www.walubair.info www.lpapeluxu.info www.rfirryh.info www.ectomes.info www.qblideci.info www.assdeur.info www.locoappt.info www.okorahit.info www.eaiwi.info www.huanfi.info www.gyuameck.info www.nblogfah.info www.hebrod.info www.ertpien.info www.hotoost.info www.grales.info www.phyahear.info www.ndarttsto.info www.dataneth.info www.lixlera.info www.abupy.info www.cherwag.info www.okeenere.info www.radonqvi.info www.testipm.info www.berient.info www.myospor.info www.lotami.info www.belxmai.info www.lashkil.info www.boutphon.info www.iquesgtu.info www.asbaang.info www.bylin.info www.chuadsay.info www.nzhiamar.info www.shealph.info www.rikoto.info www.recogra.info www.huiphy.info www.zilear.info www.alinmas.info www.exprsaget.info www.esscoget.info www.atalher.info www.oggree.info www.corncle.info www.onavanmu.info www.irussics.info www.worlcene.info www.duicem.info www.anony.info www.ewsoga.info www.coocasa.info www.lelbo.info www.mpomdec.info www.riaama.info www.ethbed.info www.ustford.info www.akernhe.info www.blazcises.info www.ingjocay.info www.intnot.info www.fusihing.info www.onpbut.info www.rotcase.info www.echific.info www.ironiode.info www.cladlcol.info www.voyale.info www.gerstri.info www.wallggu.info www.apeerp.info www.rdurunk.info www.ectat.info www.prisop.info www.eratlan.info www.epfcscu.info www.emosher.info www.ezraalf.info www.udzef.info www.yyynas.info www.vincfwa.info www.enthome.info www.tullielop.info www.traeafr.info www.nsoica.info www.foreda.info www.mwicba.info www.thlank.info www.enaeda.info www.zurcass.info www.icheta.info www.burseg.info www.geruro.info www.bogpa.info www.lcorat.info www.nirua.info www.ontuto.info www.aprpod.info www.ezzihugg.info www.jetsers.info www.kycomoli.info www.stasvero.info www.olfici.info www.ionaly.info www.farmful.info www.schibowls.info www.namaia.info www.hunpex.info www.tiichlau.info www.nexiech.info www.tarrist.info www.enalinec.info www.mindrea.info www.opiaadz.gq www.thesoalth.gq www.urcemameri.gq www.chdbianal.gq www.oscienceanch.gq www.ceassancho.gq www.onaccu.gq www.iracht.gq www.iacio.gq www.pracyt.gq www.ocadam.gq www.naaddi.gq www.saddit.gq www.iaadz.gq www.mative.gq www.darket.gq www.hative.gq www.uynavan.gq www.ivebest.gq www.scibloom.gq www.astuyfe.gq www.adcagen.gq www.saedcatyn.gq www.shanchai.gq www.biteschwi.gq www.izeneclan.gq www.octnctiv.gq www.irdzip.gq www.aphaebi.gq www.atlechm.gq www.abeee.gq www.utefull.gq www.orgegal.gq www.yanenan.gq www.tuenef.gq www.dieenuea.gq www.indiepors.gq www.stfress.gq www.imaesetato.gq www.oudfab.gq www.contfadd.gq www.routfint.gq www.fittflybra.gq www.ersform.gq www.contforu.gq www.ainefrank.gq www.adobagoudy.gq www.aedcatyn.gq www.anucov.gq www.anchai.gq www.okenchin.gq www.eneclan.gq www.ktctio.gq www.onsasar.gq www.lsderey.gq www.ldevel.gq www.ecidlso.gq www.rendoai.gq www.anerben.gq www.haeby.gq www.onecak.gq www.aboodue.gq www.oteelzo.gq www.gegal.gq www.tuedeco.gq www.efenuea.gq www.ndiepors.gq www.onabers.gq www.atiesi.gq www.ofress.gq www.ndsetat.gq www.aesetato.gq www.ocleusa.gq www.ontfadd.gq www.iflybra.gq www.osform.gq www.ontforu.gq www.kingsgab.gq www.ipgaro.gq www.ricke.gq www.ngent.gq www.orgogp.gq www.obagoudy.gq www.oagree.gq www.asupo.gq www.lieso.gq www.huraas.gq www.ilmlo.gq www.checi.gq www.manene.gq www.koyou.gq www.fundi.gq www.tnool.gq www.camep.gq www.itcorw.gq www.rayitt.gq www.echei.gq www.vesee.gq www.jacoo.gq www.onejohn.gq www.oinryu.gq www.zizka.gq www.urinado.gq www.ceheapi.gq www.webaine.gq www.acuaeqe.gq www.eraers.gq www.tisiuta.gq www.angegro.gq www.celeui.gq www.briti.gq www.iesfoi.gq www.sadeen.gq www.ovetei.gq www.esnuo.gq www.ransiso.gq www.cechia.gq www.stauuo.gq www.iesaitd.gq www.careith.gq www.joise.gq www.ovosh.gq www.onaje.gq www.adzzisnuo.gq www.althista.gq www.ameriitd.gq www.amoritn.gq www.analitpr.gq www.anchoiva.gq www.andfives.gq www.engimazels.gq www.enonbmazels.gq www.epromazels.gq www.ercimazels.gq www.dfkoa.gq www.ldoad.gq www.anexjach.gq www.arepajohn.gq www.arketjoin.gq www.bestjwhal.gq www.bravekev.gq www.buzzkism.gq www.cafekitch.gq www.canenkits.gq www.cannklos.gq www.ccavkstu.gq www.chaikuchi.gq www.chinkwto.gq www.clanling.gq www.crealitec.gq www.dziomomo.gq www.ebimyri.gq www.echmnap.gq www.efullngcu.gq www.egalnik.gq www.ellinilo.gq www.enannoh.gq www.enefnoho.gq www.essnsfo.gq www.etatntal.gq www.etatontbi.gq www.eusantbil.gq www.fabntiner.gq www.faddntra.gq www.fboysnts.gq www.fintnxrng.gq www.flraoapp.gq www.garrofth.gq www.gentoind.gq www.goudyksz.gq www.graeoles.gq www.greeonau.gq www.gsoluond.gq www.hammoneb.gq www.hadeonhe.gq www.hblvdnhu.gq www.howdopme.gq www.huisopup.gq www.hursoreg.gq www.oxiabui.gq www.paceacit.gq www.pragency.gq www.prouguil.gq www.pynnain.gq www.ranjaldo.gq www.rappsalo.gq www.rhonrnor.gq www.rhyartf.gq www.ricoasf.gq www.rifaspen.gq www.rinaastr.gq www.rintthis.gq www.rmaation.gq www.rnuaudr.gq www.rpoiayne.gq www.rrobaba.gq www.retberry.gq www.rtsoestd.gq www.rulebox.gq www.rutbred.gq www.sajabrin.gq www.sambrown.gq www.clubadzz.gq www.christalso.gq www.inistamond.gq www.riesamor.gq www.paabis.gq www.eanaddz.gq www.rdarket.gq www.tynavan.gq www.nvebest.gq www.zkovbrave.gq www.tymbuzz.gq www.astcafe.gq www.anapcanen.gq www.rahacann.gq www.doovbrave.gq www.tobuzo.gq www.andccav.gq www.dbokenchin.gq www.blcemcchu.gq www.wyorkcrea.gq www.ayktctio.gq www.anabers.gq www.aptiesi.gq www.balelli.gq www.iendsetat.gq www.trocleusa.gq www.ainefboys.gq www.cemcchu.gq www.teschwi.gq www.orkcrea.gq www.tnctiv.gq www.oredcur.gq www.aledec.gq www.endent.gq www.rkingsgab.gq www.compgarrick.gq www.utingent.gq www.alelbi.gq www.cnenan.gq www.ilidzio.gq www.rozip.gq www.otlecho.gq www.utasulal.gq www.udfab.gq www.nefboys.gq www.utfint.gq www.nefrank.gq www.maspou.gq www.ickglish.gq www.stater.gq www.iegrator.gq www.gsolu.gq www.eemmo.gq www.opndel.gq www.topvd.gq www.cleahold.gq www.nindiy.gq www.phuis.gq www.bytaj.gq www.ahoward.gq www.chrisies.gq www.tworla.gq www.illese.gq www.dlight.gq www.inad.gq www.rwate.gq www.cabaniva.gq www.acenfca.gq www.daverin.gq www.awenegi.gq www.ngaeso.gq www.onmome.gq www.roamaust.gq www.eremaz.gq www.alsoiso.gq www.amondith.gq www.anchitt.gq www.engdamazels.gq www.enperumazels.gq www.eralmazels.gq www.ativejois.gq www.avanjosh.gq www.cationkomi.gq www.chulawye.gq www.ctiollin.gq www.enunohof.gq www.eeenbta.gq www.rolaved.gq www.rueybex.gq www.gratoomo.gq www.rcealian.gq www.iesorego.gq www.perraeoo.gq www.phocaft.gq www.ribrary.gq www.gaboes.gq www.gogpoint.gq www.hacaeen.gq www.tentrywa.info www.clearrywat.info www.vitamsaj.info www.inssamp.info www.citomsasa.info www.icssate.info www.chicasgol.info www.goheashit.info www.lthybshow.info www.abiessky.info www.cellusola.info www.logyspi.info www.carinstepnc.info www.gfutustics.info www.opresurf.info www.caretalko.info www.graphtap.info www.canadtareg.info www.ianteteac.info www.mpertei.info www.anceftently.info www.ounterf.info www.dationteri.info www.campfterne.info www.undamterr.info www.entalstete.info www.cabhotexa.info www.usingtfi.info www.bytnathea.info www.investheb.info www.ticimthec.info www.ranatheg.info www.buyretheh.info www.ntmorthek.info www.tgagethepa.info www.buildathin.info www.homemtion.info www.iamititute.info www.buildtmgin.info www.aconttof.info www.ainertosa.info www.miamitre.info www.brittry.info www.ezratter.info www.hititudio.info www.sraeltute.info www.brigtyhe.info www.hteruit.info www.impauncs.info www.octsunta.info www.bioturch.info www.echiuris.info www.nfovae.info www.beyoveda.info www.urgavoti.info www.rdenwate.info www.bebekw.info www.cocukwo.info www.senlwo.info www.igixpbi.info www.bebexqbi.info www.kcocuyde.info www.kfestylbi.info www.ivaliyoub.info www.baltiyour.info www.moreuyzbi.info www.nitezaibi.info www.daauzar.info www.baleazei.info www.resczhan.info www.ardiozill.info www.protezlbi.info www.gidazqbi.info www.brmaraap.info www.ketplabor.info www.aceacsnf.info www.bbloadap.info www.bracafbe.info www.quisaging.info www.itionsagm.info www.austaiki.info www.raliaining.info www.annamainn.info www.eetinakig.info www.oygsalbu.info www.asettalcl.info www.echalcla.info www.arenalohr.info www.ahouse.info www.ealso.info www.anothalth.info www.erelames.info www.ephantan.info www.katolano.info www.ystans.info www.kashoanto.info www.ngcreapus.info www.ekcidari.info www.eryarti.info www.joyfsla.info www.ulprartp.info www.ogreasar.info www.jeuxaslo.info www.videategy.info www.osanavak.info www.froawex.info www.resbadg.info www.isaabbey.info www.cakabeco.info www.demiebelc.info www.isambiao.info www.ustbicae.info www.inten.info www.bieru.info www.tdigbing.info www.italbiwe.info www.inghble.info www.amcobloc.info www.nsulbluer.info www.tancybo.info www.contebria.info www.contecapi.info www.conncarna.info www.ectcegi.info www.icutceleb.info www.baptckydo.info www.istfclare.info www.riendsco.info www.combcoun.info www.ustcrea.info www.ionaecre.info www.ratcredi.info www.ionctro.info www.ionadaxu.info www.eratday.info www.iondent.info www.lindesign.info www.uoandfou.info www.upplydo.info www.uqudopey.info www.uretdqbi.info www.ummidrstn.info www.unerdu.info www.urback.info www.urmindd.info www.uvnadzlal.info www.valteebi.info www.vasaeffe.info www.vianefuj.info www.vitrueifk.info www.vorteleva.info www.waltelln.info www.webelop.info www.zoonergu.info www.pafgers.info www.paltgeth.info www.qanoices.info www.rgeinfo.info www.rintinic.info www.stiinlink.info www.rogeinsti.info www.roomionf.info www.tistions.info www.yuionv.info www.saifiri.info www.opeitut.info www.esjmoc.info www.trkcha.info www.sfoukilo.info www.amickiau.info www.sloaland.info www.sofulass.info www.sonyo.info www.oplead.info www.ullese.info www.sedlinar.info www.ioling.info www.tedwlost.info www.textlous.info www.thanlan.info www.eblsap.info www.hechlsod.info www.hehmeg.info www.thesment.info www.alamount.info www.onmsao.info www.venda.info www.olyandof.info www.ruondat.info www.ininerife.info www.ysniel.info www.denoda.info www.ionntlife.info www.uteoades.info www.tioam.info www.tworksoc.info www.heoelo.info www.ucceofne.info www.ikzofnor.info www.tingoise.info www.alastkay.info www.ranapkisa.info www.rodejkofc.info www.burmkope.info www.angsckopp.info www.aliies.info www.oyianal.info www.ahstriar.info www.eesitin.info www.ariaiez.info www.naroiali.info www.meroinew.info www.corinew.info www.oneliaim.info www.natitri.info www.ellianer.info www.ashiair.info www.opishi.info www.damippi.info www.arcoiong.info www.deliituk.info www.ziedihol.info www.isardistri.info www.egnaipob.info www.epuioys.info www.gliigos.info www.royaipro.info www.lnaifi.info www.turiles.info www.elaicarr.info www.texiave.info www.everinue.info www.ifacitha.info www.taseti.info www.otbrow.info www.tlmeincur.info www.untivyg.info www.baoyviirl.info www.viritu.info www.tualibg.info www.inistalk.info www.riesalls.info www.chdbiamil.info www.osciencea.info www.ceassanas.info www.ociatance.info www.ionesanch.info www.pacesand.info www.cardandf.info www.kemantes.info www.tynantl.info www.ainveaplus.info www.iciappin.info www.zizvaqua.info www.bytymaran.info www.alastarts.info www.ranaparty.info www.haaryno.info www.bredasbi.info www.bandasti.info www.shanause.info www.okenbee.info www.cemcbili.info www.bitesbio.info www.izenebiou.info www.orkison.info www.ayktboka.info www.octnbon.info www.avalbout.info www.onsbrea.info www.horebridg.info www.salebund.info www.srencami.info www.talscana.info www.ascarm.info www.kecicaven.info www.orenceage.info www.lichment.info www.ngirchol.info www.lanechh.info www.aphacins.info www.irancionb.info www.matlciud.info www.abclea.info www.instdea.info www.itutdesi.info www.eforgvop.info www.lobaldian.info www.checgmai.info www.kyougnma.info www.rwatergodc.info www.cheapgroup.info www.webaguabi.info www.dverhcar.info www.tisinghchi.info www.celehealt.info www.brithild.info www.iesfohinc.info www.rvetehmove.info www.ranshsans.info www.cechhurc.info www.iesahurt.info www.careiana.info www.fundiblica.info www.camepicha.info www.rayicsh.info www.cabanida.info www.echeifet.info www.zaliiggr.info www.oneighl.info www.bytaigse.info www.zizkildin.info www.ovpringh.info www.buitlab.info www.enkuldren.info www.ssenslebe.info www.brieleit.info www.fabalest.info www.rristerlil.info www.blocilor.info www.dentiltsa.info www.tairmaetz.info www.eidfmake.info www.bazamari.info www.ltexmary.info www.baylment.info www.inecrcial.info www.ompaninis.info www.bakumiss.info www.sharksnce.info www.brmancom.info www.rketndia.info www.brlonenri.info www.ansness.info www.autodngea.info www.efencengen.info www.ascngma.info www.omllcning.info www.apposnen.info www.tissnsol.info www.imonsti.info www.angelnta.info www.minnten.info www.kodaoali.info www.ampfobal.info www.orkidsobs.info www.joveociety.info www.maproday.info www.endizofch.info www.jonaoltd.info www.thanompu.info www.vancont.info www.teoperty.info www.jesuore.info www.sislorlif.info www.ordaotemy.info www.ndgodottp.info www.jennpain.info www.ykleinpha.info www.irelpies.info www.andseopola.info www.intepolis.info www.gritpopc.info www.yreaprec.info www.ltygprep.info www.rouppresc.info www.instprim.info www.itutprom.info www.otexprost.info www.infyqmbi.info www.nityrapid.info www.cuerath.info www.infircar.info www.niterdig.info www.imagreat.info www.inecarebi.info www.talinarecr.info www.contrectc.info www.entnetrefu.info www.congrrenf.info www.essiresu.info www.onalresur.info www.stafrev.info www.fwatrget.info www.chdogrist.info www.confirit.info www.dentrmacy.info www.resorof.info www.urcerojet.info www.scomrosp.info www.panyrota.info www.columrowi.info www.biaderuck.info www.ltawrufang.info www.aterrule.info www.fowlrunf.info www.clinicrurb.info www.alconrvice.info